DOW SP500 NASD & USD INDEX Real Market Direction
The roller coaster ride surrounding the #DOW have been defined with the 'Price Action' leveling off at the crucial handle at 23360/85 range which saw several pullback reaction at the lower bottom of its trading range. A break below 23k levels with equally high volumes and momentum would be a serious signal for a resumption of a price decline.
The price level have been retested three times and have manage to bounce back from the low that ended the week of April 13 at the 24360.14. For as long as prices holds above these levels would be a positive signal for price stability. The same goes well with the #SP500 above 2550 and #NASDAQ above 6850 initial low while staying at the 7100 is good for the market.
Although, too many market fundamentals that provides price #Volatility are looming around the market place as we all know contrary to good initial earnings report. From trade wars back & forth exchanges, to the middle east air strikes on Syria the market would not run out of market moving news that provides an already sensitive market.
Meanwhile, the USD Index - #DXY have remained pressured below 90.05 basis point as Oil and precious metals prices have been quite resilient in spite of the fact that prices retreats back every time they both near their resistance levels at USD68.00/bbl and USD1370.00 respectively. This has been the price action, which remains positive for the commodities putting a cap on the USD index.
And until such time new and fresh incentives for the USD emerges that would weigh heavier will this market sentiment change otherwise. However, the third week of April may still prove to be favorable for equities ONLY when prices of the major Indices remains above the defined levels stated above. Prices for the remainder of the weeks ahead are crucial to define the true colors of market sentiments.
So far so good, #DOW has held firm and is currently at 24828.66 a triple digit +256.23 = 1.04% from previous price along side the SP500 at 2705.25 and the NASDAQ at 7267 to this writing. Our market call has just been VALIDATED with today's move. Although, it would be encouraging to see what the actual price would be by the end of the week's trading.
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